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ORDINANCE 50. 40-86
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
<br /> McBride, Salmon
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds,
<br />for the purpose of paying the City's portion of the cost of improving,
<br />in cooperation with the Director of Transportation of the State of Ohio,
<br />Warren Road from Lakewood Heights Boulevard to Clifton Boulevard in the
<br />City of Lakewood, Ohio,.by reconstruction of the roadway, replacing
<br />curbing, installing handicapped ramps, together with the necessary
<br />appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 38-85 passed May 6, 1985,
<br />the Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $275,000 for the purpose
<br />hereinafter stated, which notes were dated May 14, 1985, and will mature
<br />on May 14, 1986; and
<br />
<br /> WHEREAS, the amount of $55,000 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $55,000 to the payment thereof, the remaining outstanding principal
<br />amount of said notes (to wit, $220,000) shall be funded by the issuance
<br />of new notes in anticipation of the issuance of bonds for the purpose
<br />hereinafter stated; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified ~o this Council that the estimated life of the improvements
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is twenty
<br />(20) years and that the maximum maturity of notes issued in anticipation
<br />of said bonds is twenty (20) years from the date of issuance of the
<br />original notes, or one (1) year if sold privately; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health, safety and welfare in the City and for the further reason that
<br />the immediate issuance and sale of the notes herein authorized is neces-
<br />sary to provide funds to retire the outstanding notes which are about to
<br />mature and thereby protect the credit of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County,. Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $220,000 for
<br />the purpose of paying the City's portion of the cost of improving, in
<br />cooperation with the Director of Transportation of the State of Ohio,
<br />Warren Road from Lakewood Heights Boulevard to Clifton Boulevard in the
<br />City of Lake. wood, by reconstruction of the roadway, replacing curbing,
<br />installing handicapped ramps, together with the necessary appurtenances
<br />thereto.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br />April 1, 1987, shall bear interest at the estimated rate of ten per
<br />centum (10%) per annum~ payable semi-annually, until the principal sum
<br />
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